Group 1 - The core viewpoint of the article highlights the performance and valuation of Keri International, which closed at 30.34 yuan with a PE ratio of 26.84 times, significantly lower than the industry average of 56.25 times [1][2] - Keri International's total market capitalization is 5.971 billion yuan, ranking 18th in the professional services industry based on PE ratio [1][2] - The company reported a revenue of 3.303 billion yuan for Q1 2025, representing a year-on-year growth of 25.13%, and a net profit of 57.7839 million yuan, with a year-on-year increase of 42.15% [1] Group 2 - The company specializes in providing comprehensive human resource service solutions, including high-end talent search, recruitment process outsourcing, flexible employment, and technical services [1] - Keri International has received several awards, including the Best Global Human Resource Service Provider for 2024 and recognition as one of the Top 100 Private Enterprises in Beijing [1] - The company experienced a net outflow of 1.6773 million yuan in principal funds on June 3, but had an overall inflow of 7.0336 million yuan over the past five days [1]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

证券代码：300662 证券简称：科锐国际 公告编号：2025-028 北京科锐国际人力资源股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 北京科锐国际人力资源股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益分派方案已获2025年5月23日召开的2024年年度股东会审议通过。 具体内容详见披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年年度股东会 决议公告》（公告编号：2025-027）。 现将权益分派事宜公告如下： 3、本次实施的权益分派方案与股东会审议通过的方案是一致的。 4、本次实施权益分派方案时间距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 一、股东大会审议通过利润分配预案等情况 1、公司 2024 年年度股东会审议通过的 2024 年度利润分配预案为：以公司 总股本 196,806,359 为基数，向全体股东每 10 股派发现金红利 1.6 元（含税）， 共派发现金红利 31,489,017.44 元（含税）。本次分配不送红股，不涉及公积金 ...

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1] Core Insights - The overall revenue of the sector is steadily increasing, but the recovery in performance is slower, with significant differentiation among sub-sectors. Attention is recommended for cyclical recovery sectors such as human resources and exhibitions, as well as resilient sectors like tourism and scenic spots [1][2] - In 2024, the social services sector achieved a total revenue of 191.54 billion, a year-on-year increase of 36.57%, while the net profit attributable to shareholders was 7.48 billion, a year-on-year decrease of 18.21%. The overall profitability has declined [10][14] - In Q1 2025, the sector generated a revenue of 44.84 billion, a year-on-year increase of 38.75%, with a net profit of 1.81 billion, a year-on-year increase of 33.06% [20][22] Summary by Sections Sector Summary - The revenue growth rate outperformed the profit growth rate, with the professional services and education sectors performing better. In 2024, the professional services sector saw a year-on-year increase of 79.57%, while the education sector's profit level improved significantly [10][14] - In Q1 2025, the professional services sector led with a revenue growth of 89.62%, followed by tourism and scenic spots at 7.39% [22] Tourism - The domestic travel market shows strong resilience, with a total of 5.615 billion domestic tourists in 2024, a year-on-year increase of 14.80% [34] - The cross-border travel market is experiencing high demand, with inbound tourists reaching 132 million in 2024, a year-on-year increase of 60.8% [40] Hotels - Business travel demand is still recovering, with the RevPAR expected to be under pressure throughout 2024 [13] Catering - The catering market is expected to see slower revenue growth in 2024, with Q1 2025 showing some improvement [16] Duty-Free - Duty-free sales in offshore areas are showing marginal improvement, with city channels expected to contribute to growth [18] Human Resources - The human resources sector is experiencing stable data operations, but employment market pressures remain [22] Exhibitions - The domestic exhibition market is steadily growing, with the number of exhibitions remaining stable in 2024 [24]

2、本次股东会不涉及变更以往股东会已通过的决议； 3、本次会议采取现场会议投票与网络投票相结合的方式召开。 一、会议召开和出席情况 证券代码：300662 证券简称：科锐国际 公告编号：2025-027 北京科锐国际人力资源股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形； 会议召开方式：2025 年 4 月 28 日，公司董事会以公告方式向全体股东发出 召开 2024 年年度股东会的会议通知。本次会议以现场投票与网络投票相结合的 方式召开。 现场会议时间：2025 年 5 月 23 日（星期五）下午 14：30。 网络投票时间： ①深圳证券交易所（以下简称"深交所"）交易系统网络投票时间：2025 年 5 月 23 日 9:15 至 9:25，9:30 至 11:30，13:00 至 15:00。 ②深交所互联网投票系统（http://wltp.cninfo.com.cn）投票时间：2025 年 5 月 23 日 9:15 至 15:00 期间的任意时间。 现场会议召 ...

关于北京科锐国际人力资源股份有限公司 2024 年年度股东会的 法律意见书 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 国枫律股字[2025]A0281 号 致：北京科锐国际人力资源股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《律师事务所从事证券法律业务管理 办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政法规、 规章、规范性文件及《北京科锐国际人力资源股份有限公司章程》（以下简称"《公司 章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资格、 会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特 ...

Core Viewpoint - The company reported strong revenue and profit growth in Q1 2025 and for the full year 2024, driven by its flexible employment business and digital transformation initiatives [1][3][4]. Financial Performance - In Q1 2025, the company achieved revenue of 3.3 billion yuan, a year-over-year increase of 25.1%, and a net profit attributable to shareholders of 60 million yuan, up 42.1% year-over-year [1]. - For Q4 2024, the company reported revenue of 3.27 billion yuan, a 25.4% increase year-over-year, and a net profit of 70 million yuan, up 44.2% year-over-year [1]. - The total revenue for 2024 was 11.79 billion yuan, reflecting a year-over-year growth of 20.5%, with a net profit of 210 million yuan, an increase of 3.6% year-over-year [1]. Cash Flow and Margins - The operating cash flow for 2024 was 118 million yuan, with a gross margin of 6.4%, down 0.9 percentage points year-over-year [2]. - In Q1 2025, the gross margin was 5.5%, a decrease of 0.8 percentage points year-over-year, while the sales expense ratio was 1.25%, down 0.22 percentage points year-over-year [2]. Business Segments - The flexible employment business grew robustly in 2024, with revenue of 11.1 billion yuan, a year-over-year increase of 22.42% [3]. - The high-end talent search business saw a revenue decline of 11.6% year-over-year, while the recruitment process outsourcing business decreased by 18.27% year-over-year [3]. - The mainland business revenue was 9.5 billion yuan, up 28.67% year-over-year, while the revenue from Hong Kong, Macau, Taiwan, and overseas was 2.3 billion yuan, down 4.39% year-over-year [3]. Technological Advancements - The company invested 169 million yuan in technology in 2024, with 41% allocated to internal information systems and 59% to digital product development [4]. - The "He Wa" platform achieved significant growth, with over 16,000 registered partners and a 21.76% year-over-year increase in registrations [4]. Profit Forecast - The company forecasts revenues of 14.3 billion yuan, 17.1 billion yuan, and 20.4 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 21%, 20%, and 19% [5]. - The net profit attributable to shareholders is expected to be 270 million yuan, 340 million yuan, and 430 million yuan for the same years, with growth rates of 31%, 28%, and 24% [5].

Market Overview - The Shanghai Composite Index closed at 3380.45 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 752.206 billion yuan [1] Stocks Performance - A total of 730 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Fulejia (Code: 301371) with a deviation rate of 8.24% and a daily increase of 12.17% [1] - Huahai Pharmaceutical (Code: 600521) with a deviation rate of 7.56% and a daily increase of 10.00% [1] - Aofei Entertainment (Code: 002292) with a deviation rate of 7.46% and a daily increase of 10.02% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Fulejia: Latest price 36.05 yuan, five-day moving average 33.31 yuan [1] - Huahai Pharmaceutical: Latest price 15.62 yuan, five-day moving average 14.52 yuan [1] - Aofei Entertainment: Latest price 9.77 yuan, five-day moving average 9.09 yuan [1] - Other notable stocks with high daily turnover rates include: - Huifeng Diamond (Code: 839725) with a daily increase of 9.56% and a turnover rate of 14.77% [1] - Beiningmei (Code: 002570) with a daily increase of 10.07% and a turnover rate of 22.33% [1]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown strong performance with a 42% year-on-year increase in net profit attributable to the parent company in Q1 2025, driven by multiple factors including flexible employment growth and recovery in overseas and headhunting services [1][4] - The company is expected to benefit from the increasing demand for high-value technical positions and the recovery of its overseas and headhunting businesses, leading to an upward revision of profit forecasts for 2025 to 2027 [4] Financial Overview - In 2024, the company reported revenues of 11.79 billion with a year-on-year growth of 21%, and a net profit of 205 million, reflecting a 2% increase [1] - For Q1 2025, revenues reached 3.3 billion, marking a 25% increase year-on-year, with a net profit of 57.78 million, up 42% from the previous year [1] - The company’s revenue breakdown for 2024 shows that flexible employment services accounted for 94.5% of total revenue, with a year-on-year growth of 22% [2] Business Segmentation - The flexible employment segment remains the core driver of growth, while headhunting services have shown signs of recovery with a 22% increase in successful placements in Q1 2025 [3] - The company’s overseas revenue has shown a narrowing decline, suggesting a potential turning point in 2025 as management synergies improve [2][3] Profit Forecast and Valuation - The company is projected to achieve net profits of 291 million, 353 million, and 423 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.93%, 21.11%, and 19.87% [4][6] - The current market valuation corresponds to a price-to-earnings ratio of 20.8X for 2025, 17.2X for 2026, and 14.3X for 2027 [4][6]

Group 1 - The core viewpoint of the article highlights the performance and market position of Keri International, a leading human resources solution provider in China, with a current stock price of 31.0 yuan and a rolling PE ratio of 27.42 times [1] - Keri International's total market capitalization is 6.101 billion yuan, ranking 18th in the professional services industry, which has an average PE ratio of 56.57 times and a median of 36.78 times [1][2] - As of the first quarter of 2025, 55 institutions hold shares in Keri International, including 49 funds, with a total shareholding of 110.6528 million shares valued at 3.829 billion yuan [1] Group 2 - In the latest quarterly report for Q1 2025, Keri International reported an operating revenue of 3.303 billion yuan, representing a year-on-year increase of 25.13%, and a net profit of 57.7839 million yuan, up 42.15% year-on-year, with a sales gross margin of 5.52% [1] - The company's main services include high-end talent search, recruitment process outsourcing, flexible staffing, traditional dispatch services, training services, market research, and recruitment project consulting [1]